bp plc-spons adr (BP) Details

BP p.l.c. operates as an integrated oil and gas company worldwide. It operates in three segments: Upstream, Downstream, and Rosneft. The Upstream segment engages in the oil and natural gas exploration, field development, and production; midstream transportation, and storage and processing; and marketing and trade of natural gas, including liquefied natural gas (LNG), and power and natural gas liquids (NGL). It also owns and manages crude oil and natural gas pipelines; processing facilities and export terminals; and LNG processing facilities and transportation, as well as NGL extraction business. The Downstream segment refines, manufactures, markets, transports, supplies, and trades in crude oil, petroleum, and petrochemicals products and related services to wholesale and retail customers. It offers lubricants and related products under the Castrol, BP, and Aral brands to the automotive, industrial, marine, and energy markets; and petrochemicals products, such as purified terephthalic acid, paraxylene, acetic acid, olefins and derivatives, and specialty petrochemicals products. This segment also sells gasoline, diesel, and aviation fuel. The Rosneft segment engages in the exploration and production of hydrocarbons in the United States, Canada, Vietnam, Venezuela, Brazil, Algeria, the United Arab Emirates, Turkmenistan, and Norway; and offers jet fuel, bunkering, bitumen, and lubricants. This segment also owns and operates 10 refineries in Russia; and has an interest in 4 refineries in Germany. As of December 31, 2014, this segment owned and operated approximately 2,500 retail service stations in Russia. The company also produces bioethanol, sugar, and biobutanol; exports power to the local grid; transports hydrocarbon products through shipping and chartering services; and holds interests in 16 operating wind farms with a generation capacity of 2,585 megawatts. BP p.l.c. was founded in 1889 and is headquartered in London, the United Kingdom.

bp plc-spons adr (BP) Key Developments

BP Becomes M&A Target

Jul 3 15

BP p.l.c. (LSE:BP.)'s $18.7-billion US legal settlement is being cheered by investors and analysts as it ends five years of financial uncertainty. It also makes the British oil producer a more attractive takeover target. “The market is looking at that,” said Ahmed Ben Salem, a Paris-based analyst with Oddo & Cie., who has a neutral recommendation on BP. “This could act as the catalyst because there’s more clarity now.”

Alabama to Get $2.3 Billion in BP Oil Spill Settlement

Jul 2 15

BP and the state of Alabama have reached a multibillion-dollar agreement to settle the state's lawsuit against the company. As part of the settlement, Alabama will receive $2.3 billion from BP. About $1.3 billion of the total will go toward coastal restoration projects in the state. The other $1 billion will go to the state's general fund over the next 18 years.

Florida Nets More Than $3 Billion in BP Settlement

Jul 2 15

Florida will land about $3.25 billion as part of a multi-state federal settlement with BP over widespread damages caused by the 2010 Deepwater Horizon disaster. The deal announced requires BP to pay $18.5 billion in economic and natural resources damages to the five Gulf Coast states affected by the disaster, which pumped at least 3.9 million gallons of oil off the coastlines of Alabama, Florida, Louisiana, Mississippi and Texas. Florida stands to receive $2 billion for economic damages, the most of any Gulf Coast state, and $680 million for restoration projects. The deadly explosion aboard the Deepwater Horizon drilling rig and ensuing massive spill affected the environment, tourism and the fishing industry along the Gulf of Mexico but its effects rippled throughout the state.

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